Borrower's Outlook
LenderStreet's columnists (that's us over there) join forces with lenders in your area to keep tabs on the mortgage market. Together we offer timely insights toward a positive loan experience.
When it comes to housing and mortgages, logic has not been part of the equation for the last 20 or so years.
Why do we have so many homes that are underwater and so many foreclosures? Well, Americans wanted the biggest house they could afford (or thought they could afford); lenders were willing to give out loans like Happy Meal toys; and the combination has produced a system that needs to be fixed.
Apr
29
2011
Nothing compares to the confusion that occurs during the mortgage process, especially if you have never purchased a home. I am a very prepared person when it comes to finances, but even I learned some extremely valuable information.
Feb
25
2011
Just remember that if you're trading up, make sure it's a move that you can afford. Just like you figured out with your starter home that you were going to be able to afford the mortgage...
Read more about what financial experts have to say on buying your home in today's market.
Sep
15
2010
I’ve written a lot in this space about why the housing market is struggling, but I’ve tried to temper the negative news with this advice because I believe it’s true: It still makes sense for many people to buy a home.
See a list of 10 reasons to buy a home
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Homeownership is unrealistic for many; the reason being most cannot afford the monthly mortgage payment. One of the reasons for the housing crisis was that unrealistic buyers were able to buy and bought houses outside of their means.
It’s become increasingly more difficult to secure a mortgage these days, and there seems to be a shift toward accepting renting instead of rushing into homeownership. However, homeownership still makes sense for a lot of people who can afford it and it’s a buyer’s market. Not only are home prices more affordable than during the housing boom, low interest rates have made owning a home more affordable.
Find out the most affordable places to live
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Sep
10
2010
There’s a lot of debate in government and in the blogosphere about what’s happened to the housing market since the homebuyer tax credit expired.
The carnage is clear in the numbers. Since the tax credit ended, home purchases have dropped significantly, despite a recent bump (see graph). As the New York Times reported last weekend in a story about what to do about the housing crisis, sales of new homes are lower than the worst point of the recession of the early 1980s, and mortgage rates at that time were double what they are now.
Read why the housing market has suffered since the tax credit ended
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Sep
07
2010
The Federal Housing Administration has set credit score limits for the first time for homebuyers, which will be effective Oct. 4.
In the past, the credit score requirements for any FHA-backed loans have been at the discretion of the lender. That will still be the case for the most part; however, the FHA has initiated some of its own limits.
Read more about the credit score changes
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Sep
01
2010
Could the home buyer tax credit be returning?
That’s the hot topic right now in housing, as secretary of Housing and Urban Development Shaun Donovan wouldn’t squash the idea when he was asked about it Sunday on CNN’s “State of the Union.”
Read about the impact on the housing market
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